An intercompany gain or loss appears in the income statement of the selling affiliate in the year of the sale. True False Question 37 (0.5 points) The first step in recording an acquisition is to determine the fair values of all identifiable tangible and intangible assets acquired and actual value of liabilities assumed in the combination. True False Question 38 (0.5 points) If a subsidiary is a 100 percent-owned affiliate and sells to the parent, the parent defers 100 percent of any unrealized profit in the year of the intercompany sale. True False